Improve Your Recruiting Process with AI-Enabled Candidate Sourcing
4min read / 21 Sep 2022
The goal for recruiters is to fill open roles with the most qualified talent. However, this involves many time-consuming tasks, with candidate sourcing at the top. AI-enabled candidate sourcing is designed to take those tasks off their hands and elevate them.
Manual candidate sourcing makes it impossible to check every potential source for top talent. This creates an unfortunate possibility that recruiters will miss out on high-quality candidates. Ultimately, this can impact the quality of hire.
How AI-Enabled Candidate Sourcing Benefits Your Recruitment Process
AI aids in creating a more efficient and insightful sourcing process, ensuring the most qualified candidate is found for each role. It also frees up recruiters to use their time strategically and effectively.
What Is AI-enabled Candidate Sourcing?
AI-enabled sourcing is a technology that streamlines and automates the candidate sourcing process. This technology expands sourcing in ways that a single recruiter cannot. This is one of the key benefits of AI in recruitment.
AI technology quickly scans hundreds of databases and profiles to find the best candidate matches for your open roles. It gathers large sets of valuable data insights, becoming increasingly intelligent and customized with each search.
Why is AI Candidate Sourcing Getting More Important?
AI sourcing is becoming more significant for recruiters for a few reasons.
First, it’s getting harder to find qualified candidates. Recruiters must develop better and more effective methods of sourcing applicants because there is a greater demand for quality talent. Recruitment strategies that once worked are ineffective today. Candidates react to outreach in different ways. There are increased expectations for candidate experience, quickness, and job offers.
Second, the popularity of social media has made it simpler for job seekers to find open positions and submit applications. As a result, more unqualified applicants are applying for positions, which affects job boards.
Recruiters must be able to actively source applicants from many sources to discover the best ones. AI-powered sourcing can assist by collecting information about possible candidates online and sending it directly to recruiters.
Lastly, thanks to the distant tendency, the talent market has expanded to include the entire world as a talent pool. Data is becoming even more crucial to shortlist prospects. Using AI, pre-screening may be completed more quickly, leaving the recruiter with a smaller, more precise pool of candidates to consider.
5 Benefits of Leveraging AI Candidate Sourcing
1. Expand Your Internal and External Talent Pool
AI-enabled sourcing contextually evaluates your candidate pool more holistically by looking at factors like previous experiences and skills. These factors are directly and indirectly related to the role.
The technology will automatically pull candidates from famous job boards and relevant niche websites you may not have even been aware of. The technology will quickly scan the open web to draw many appropriate candidates for each role.
In addition to external sourcing, AI allows you to gain insights about your internal talent pool by quickly reviewing your existing employees using AI-powered matching to:
- Determine if a current employee would be a good fit for an open role
- Uncover candidates already available in your internal database
- Uncover candidates with similar skills/experience within your workforce
2. Enable Better Hiring Decisions
Using timely analytics and data-driven insights, your recruiters will make more informed and strategic decisions about sourcing and hiring for specific roles.
They can derive meaning from unstructured data to help guide them. When you couple candidate sourcing and talent analytics, recruiters can quickly look at massive sets of data to provide contextual insights on things like:
- Quality of hire
- Likelihood of a candidate accepting an offer
- Related job titles and skills (similar roles may have different labels or use additional terms to convey experiences)
- Where are you sourcing your best candidates from
3. Reduce Human Bias
Leveraging AI to find and vet candidates will reduce human bias, as it is programmed to ignore things like age, gender, and race. Its sole purpose is to match the best candidate to the role based on the skills and experience required.
4. Create a More Efficient Recruitment Workflow
Implementing AI-enabled sourcing helps to create a more efficient workflow across the entire recruitment process. This is the start of automating and streamlining time-consuming tasks from the day of requisition until the date of hire.
A more efficient workflow creates a smoother, faster, and more effective candidate sourcing process, allowing recruiters to focus on more strategic tasks like engaging and onboarding top talent.
As a result, recruiter productivity and effectiveness will improve. This enabled you to fill roles faster with high-quality candidates that will be easier to retain.
5. Reduces Costs
AI-enabled candidate sourcing alone can significantly reduce your cost-to-hire by enabling recruiters to use their time and resources best.
A shorter time-to-fill, time-to-hire, and requiring less staff to complete manual tasks will reduce hiring costs and improve employee retention.
How to Leverage AI-Enabled Candidate Sourcing
- Develop a strategy: Businesses must create a clear strategy for their AI-enabled candidate sourcing efforts. They should define their recruitment objectives and set clear metrics for success.
- Use AI-enabled candidate sourcing solutions: Businesses should invest in AI-enabled candidate sourcing solutions tailored to their needs. These solutions should be able to collect, process, and analyze data from multiple sources, including resumes, job postings, and social media profiles.
- Track performance: Businesses should track the performance of their AI-enabled candidate sourcing efforts to ensure they are achieving their recruitment objectives. This can be done by paying attention to metrics such as time to hire and cost per hire.
How to Assess AI Sourcing Tools for your Hiring Process
Before integrating an AI tool or recruitment software into their existing stack, recruiters should look at a few essential metrics.
- An AI sourcing solution that primarily boosts the amount of top-of-the-funnel applicants may not be worth investing in, for instance, if candidate quality is your primary concern.
- To help choose an affordable solution, consulting the management of all pertinent departments about your budget, vendor pricing possibilities, and critical features is crucial.
- Understanding and implementing a new AI sourcing tool will take time. If your team is overworked and can implement it into their routine completely, it could produce favorable outcomes.
- The time between buying and using a new tool might be challenging. It is not wise to buy if you have to train a team of people while they are juggling other objectives, introduce new processes, transfer data between systems, and instruct them.
AI-enabled candidate sourcing is just ONE of AI’s many powerful underutilized features in recruitment. Although artificial intelligence is currently a trending topic, there is still some uncertainty due to a need for more knowledge about how it works.
Learn more about how easy and beneficial it is to incorporate AI into your recruitment process to ensure you take advantage of hiring top talent for your company by requesting a demo from Oorwin today.
Frequently Asked Questions
What is AI Candidate Sourcing?
AI Candidate Sourcing uses artificial intelligence, automation, and data science solutions to help employers make better recruiting decisions. It can help employers identify, source, and engage with the best talent more quickly and efficiently.
How do Applicant Tracking Systems help recruiters?
Applicant Tracking Systems are cloud-based software that helps recruiters manage and store job applications. It makes it easier for recruiters to find the best candidates by using algorithms to analyze resumes and job applications.
Why is candidate sourcing important?
As a result of corporations delaying hiring the first candidate who meets the requirements for a position, talent sourcing helps organizations build a more diversified pool of candidates. Instead, they already have a collection of skilled candidates, which gives them more time and alternatives to fill positions with talent from more diverse backgrounds.
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